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Hi Friend, First of all, I have a confession.
I was involved in so many writing projects this past year that I've forgotten
what exactly I said in which book. My latest book with New York Times
best-selling author Dolf de Roos, "The Insider's Guide to Making Money
in Real Estate," comes out in two weeks. I remember when we wrote the
book that we struggled to make sure the information was fresh and included
real, concrete strategies for the investor who was ready to make some serious
money in real estate. Wow! I went back through the book today and I was
astounded again at some of the insights that came to us as we wrote the book. One chapter deals with the five
fundamental wealth-building strategies of real estate. The Insider's Guide to
Making Money in Real Estate even includes tests that measure how well you are
currently using these strategies in your own wealth-building plan. One of the five fundamental
wealth-building strategies is leverage of money. What is your current comfort
level with the leverage of money? Here are a few of the questions from this
part of the book: (1) When it comes to credit cards,
I: (2) I feel secure when I: (3) The bank calls you and tells
you that you are eligible for a home equity loan on your house, you: (4) The safest place to keep your
money is: (5) Regarding the five baskets of
money: security, emergency, income, growth and high risk, you: Leverage of money can work for you
or against you. That's the difference between good debt and bad debt and
understanding the basics of financial planning for real estate investors. The second wealth-building strategy
is understanding the leverage of time. There are five leverage points for
this second strategy. They are: knowledge, systems, other people's time,
other people's knowledge and other people's systems. When you understand and
fully utilize these five leverage points, you can create the lifestyle, along
with the income, that you want. How well do you handle the leverage
of time? Here are a few of the questions from The Insider's Guide to Making
Money in Real Estate: 1) A system is defined as something
that you could give to a reasonably skilled person and after one day or less
of instruction, could then turn the task over to them. How many systems have
you created and implemented in your own business or real estate investing? 2) How much of your work time do
you spend on things that you truly love and that give you energy? 3) What is your first thought when
someone suggests adding an expert to your team? 4) The best deal I've ever done in
real estate: 5) I spend most of my time on:
The third wealth-building strategy
is velocity. We have a way to calculate that as well in The Insider's Guide
to Making Money in Real Estate. In fact, you'll find your answer will be
somewhere between one and nine. The fastest velocity is 9, the slowest is 1.
As you begin investing in real estate, it's often best to start with a slow
velocity. You might want to ensure cash flow by putting more money down and
by being very careful with your other sources of debt or income.
Additionally, it might be a good idea to also do many of the tasks of
renovating and leasing your property in the beginning. This will give you
experience that will be helpful as you develop systems and begin working with
professionals. But, if you have a low velocity and
you're not a brand new investor, consider pushing outside your box a little.
The higher the velocity, the more potential wealth you can create for
yourself, your family, and your community. The fourth wealth-building strategy
is cash flow. We have a lot to say about cash flow and ways to maximize it.
Cash flow is fundamental. It's the lifeblood of your investments. Without
cash, your empire crumbles. The fifth wealth-building strategy
is risk reduction. That's where the Real Estate Home Study Course is
especially important. As soon as you start making money,
you have risk from excess tax. You have risk of an IRS audit. And, you have
risk from lawsuits. You will likely spend hundreds of thousands of your money
and the bank's money on your property. Learn how to protect against all these
risks for just $649 (ONLY for the first 75 to take me up on this offer) PLUS
get a copy of Dolf's and my new book, "The Insider's Guide to Making
Money in Real Estate." Go to http://www.TaxLoopholes.com/s/HSP75
right now to make sure you're one of the first 75 to receive this vital
information for real estate investors. You'll save $150 plus you'll get a
copy of our new book. In future editions of the Loopholes
Update I'll share more of the insights I got from writing The Insider's Guide
to Making Money in Real Estate, such as: Best of luck in your investing! Warmly, P.S. If you're ready to learn more
about what it really takes to make money in real estate plus learn how to
protect your real estate investments from the risk of an IRS audit, frivolous
lawsuits, and excess tax AND save money doing so, then go to http://www.TaxLoopholes.com/s/HSP75
right now and say you want to be one of those first 75 to get the special
package. |
